₹ hits 7-month peak vs $, slips on RBI intervention

The rupee briefly appreciated past the 84 mark against the US dollar in early Friday trade, hitting an intraday high of 83.76—a seven-month peak—on the back of foreign inflows into domestic equities, before paring gains as the Reserve Bank of India stepped in to buy the greenback, according to dealers.

- ANJALI KUMARI

The RBI may have intervened to the tune of $3 billion, dealers said. The local currency breached the psychologically key 84-per-dollar level for the first time since October 17, 2024.

The rupee, however, ended at 84.55 per dollar, slightly weaker than Thursday's close of 84.49.

"The rupee appreciated in the morning because inflows and stop-losses were triggered, taking it beyond 84. Then, there was heavy intervention of around $3 billion by the RBI, taking it toward the closing level," said a market participant. Meanwhile, the coupon on the new 10-year government bond was set at 6.33 per cent, in line with market expectations. It quickly became the second most liquid bond among on-the-run gilts.

The benchmark 10-year bond yield closed unchanged at 6.36 per cent.